Azerbaijan, Russia view opportunities in co-investment sphere

Photo: Azerbaijan, Russia view opportunities in co-investment sphere / Economy news

Baku, Azerbaijan, June 2

By Emin Aliyev - Trend:

Azerbaijan and Russia are viewing opportunities in the sphere of co-investment in mutually beneficial projects, Russian Economic Development Minister Alexei Ulyukayev told reporters in Baku on June 2.

"During a meeting with my Azerbaijani counterpart, Shahin Mustafayev, we discussed a wide range of issues, including the possibility of co-investing by Azerbaijan's State Oil Fund (SOFAZ) and Russian National Welfare Fund, as well as Azerbaijan's investment company and Russian Direct Investment Fund in projects of mutual interest," the minister said.

Ulyukayev underscored that the Russian side expects that a significant amount of investments (billions of dollars) will be made in such projects.

"We also discussed the projects for creation of logistics centers, joint manufacturing of railcars, as well as creation of joint ventures (JV) for manufacturing equipment for oil and gas production," Russia's minister said.

He went on to add that the Azerbaijani side is also interested in making investments in the construction of a logistics center in the Russian city of Yekaterinburg.

Ulyukayev pointed out that following the meeting with Mustafayev, the two parties signed a memorandum on cooperation between the economy ministries of Azerbaijan and Russia.

They also agreed on the draft program on the long-term economic cooperation and an agreement on opening Azerbaijan's trade and exhibition center at the All-Russian Exhibition Center, according to the minister.

Edited by CN

Follow us on Twitter @TRENDNewsAgency